October 30, 2012 / By Femi ADEKOYA, The Guardian
The Group Managing Director of Union Bank of Nigeria Plc, Mrs. Funke Osibodu, will officially exit the bank tomorrow, and commence her terminal leave thereafter. Mrs. Osibodu will be replaced by the current Managing Director of Citibank Nigeria Limited, Mr. Emeka Emuwa, a nominee of the bank’s core investors, Union Global Partners Limited.
The Guardian also learnt that a new executive director has been appointed and resumed yesterday, while existing executive directors will continue with the bank.
The incoming Group Managing Director is expected to continue the transformation agenda of the institution, retain existing institutional memory while building a world-class commercial banking institution.
Osibodu was appointed on August 14, 2009, following the intervention of the Central Bank of Nigeria (CBN) in Union Bank and four other banks that failed a stress test on their financial health. She led the bank’s turnaround programme, which included assets recovery, recapitalisation, rebranding and restored customers’ and investors’ confidence in the organisation.
A close look at the result of the reforms showed that Union Bank, under Osibodu, survived its most challenging era in history, coming after a debt crisis and corporate governance issues, which brought the Nigerian banking industry close to collapse in 2009, as the bank’s 2012 half year result showed a return to profitability posting a profit after tax of N13.6 billion against the loss of N44.01 billion recorded during the corresponding period last year.
Also, the bank’s earnings for the period rose to N11.99 billion as against the loss of N43.50billion posted in during the corresponding period last year. This translated to earning per share of 221 kobo.
Beside, the equity rose to N188.37 billion from a negative of N184.960 billion posted during the corresponding period. Likewise, the group assets grew 0.27 percent to N1.049 trillion from N1.038.80 trillion recorded last year.
It was gathered that Osibodu had hitherto been informed of the restructuring plans in the institution as the decision was taken by AMCON and the core investors, with a mandate to make Emuwa take over the running of the bank.
Osibodu is the only remaining managing director of the banks that were appointed by the CBN to run the eight rescued banks in 2009.
It would also be recalled that while BankPHB Plc, Afribank Nigeria Plc and Spring Bank Plc were nationalised, Oceanic Bank International Plc, Intercontinental Bank Plc, FinBank Plc and Equitoral Trust Bank Plc were acquired by Ecobank Transnational Incorporated, Access Bank Plc, First City Monument Bank Plc and Sterling Bank Plc respectively.
Emuwa had served as Country Officer/Country Head in Cameroon for 20 years, where he was responsible for the regional bank’s Central African businesses in Gabon and Congo.